Top 5 Things to Replace, Replenish or Upgrade in First 5 years of Business

Old computer and a new computer
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So, you’ve experienced the first five years of business and things are looking good. Despite some rough spots, adjustments, and some panic here and there, you have now hit the first threshold. After those five years of change though, it may be time to replace, replenish, or upgrade different aspects of the business. Here are a few to consider:

Store appearance
Trends can change a lot over the course of five years. It may be time to update lighting, flooring, signage, or furniture. You may also want to consider repainting. These adjustments can completely change the appearance of your business, and strengthen the initial reaction of customers who visit your business location.

If you created your website five years ago, you may want to consider refreshing it. If you can redo it yourself through tutorials, it’s pretty cost-effective. However, consider a freelancer if you’re unfamiliar with website design. Your website could be a potential customer’s first interaction with your business. A modern or well-designed page will certainly bring in more customers.

If you’ve experienced growth, maybe consider a bigger or higher traffic location. With a new location, you could increase your inventory, expand your number of employees, or even select a location with higher visibility or traffic. This change could significantly assist the growth of your business through the next five years.

Computer/ computer system
Technology seems to change and grow at an incredible rate. If it’s been a few years since your computers or point of sales system has been updated, consider taking a look at upgrading these systems. Computer upgrades can increase efficiency and significantly reduce technology related issues.

Equipment specific to your business
There is an array of different types of small business that require different types of equipment, such as ovens, trucks, backhoes, or refrigerators. If your business involves specific equipment or machinery, your equipment may experience significant wear and tear over 5 years. Consider looking into upgrades or replacements, in order to have a well-oiled and more streamlined business.